Europe enters winter with record gas inventories after mild weather and high LNG imports
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Europe's gas inventories are at record high levels going into winter 2023/24 due to an unusually long refill season. Stocks are 20% above the 10-year average.
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Mild weather across Northwest Europe this autumn reduced heating demand and increased wind generation, further limiting gas use.
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EU and UK gas storage sites peaked at 99.6% full on Nov. 6th with 1,146 TWh, a record amount.
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By Nov. 19th, gas inventories were 22% above the 10-year average, with the storage surplus continuing to widen.
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Europe's challenge is adapting to higher gas prices long-term as it transitions from cheap Russian pipeline gas to pricier liquefied natural gas (LNG).